Consumer Phrase of the Day: “Anti-Dowry”

It may prevent or delay you from getting married, buying a house, having kids, starting a business, or otherwise getting on with your life. It’s … student loan debt.

A NY Times story mentions how the dead weight of student loan debt is being referred to as “the anti-dowry” in certain circles. And this anti-dowry is getting larger and more burdensome, with students who took out loans graduating with an average of $24,000 in debt last year. For some young couples, this debt hurdle gets in the way of a dream wedding, homeownership, and all those other things people expect when they “grow up.”

Nationally, student loan debt is expected to hit $1 trillion this year, and the amount Americans owe on student loans just surpassed credit card debt for the first time. And this is the likely scenario down the line:

“In the coming years, a lot of people will still be paying off their student loans when it’s time for their kids to go to college,” said Mark Kantrowitz, the publisher of FinAid.org and Fastweb.com, who has compiled the estimates of student debt, including federal and private loans.